Landmark Hotel sold at auction

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URBANA, Ill. (WAND) - The historic Landmark Hotel has been sold at auction.

On Tuesday, the hotel went up for auction with a minimum bid of $600,000. The hotel's ending bid was $1.3 million. 

According to the News-Gazette bidding had reached $900,000 on Thursday morning and heated up in the final hour of bidding. 

Xiao Jin Yuan had lowered expectations in a second auction attempt. His reserve price couldn’t be met during December bidding, even though bids soared past a $1.2 million minimum to $3.95 million.

George told the newspaper a potential sale would involve a deposit from the winner, followed by finalization in the 30 days after that time.He expected six to eight qualified bidders. 

Yuan first bought the hotel in 2010 for a $600,000 price. It went on sale in 2015 and eventually closed in April 2016. He originally asked for $5.4 million.

In 1923, the building first opened. It was called the Urbana-Lincoln Hotel at that time, the paper reports.

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